Petrol prices fall below £1 per litre within the UK

The falling cost of crude oil causes two supermarkets to slash their fuel prices to below £1 per litre for once since 2009

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The cost of petrol within the UK has fallen below £1 per litre for once in six years.

Supermarket Morrisons today announced the idea would certainly be selling petrol at 99.9p per litre, as well as cutting diesel prices by 1p per litre. The company said its cost cut would certainly save the average driver around £17 per week when filling up, compared to the cost hikes experienced in May 2011.

some other supermarkets are supposed to follow Morrisons’ lead This particular weekend. Asda has already said the idea will be running a weekend promotion, with petrol priced at 99.7p per litre until Sunday night.

Although Morrisons has said the idea wants to keep its petrol prices below £1 per litre for “as long as possible”, the supermarket chain has warned that will its prices are linked to the global cost of oil, which has been steadily falling in recent weeks.

The cost of a barrel of Brent Crude oil – which serves as a benchmark cost for oil purchases worldwide – dipped to below $40 (about £26) per barrel earlier This particular week – its lowest cost since 2009. Oil had been trading at as high as $110 (£72) last summer, yet a slowdown in emerging markets has lead to oversupply.

While drivers will no doubt welcome the move, the AA has pointed out that will drivers within the rest of Europe as well as Ireland are already used to lower prices, with petrol currently costing just £83.4p per litre in Spain. The cost of petrol had already fallen to an average of £1.05 per litre at UK supermarkets in November.

The RAC, meanwhile, has predicted that will lower fuel prices will become a “common sight” within the run-up to Christmas.

Despite the cost fall, petrol as well as diesel prices still remain high. Data coming from the RAC Foundation shows that will fuel prices have been rising since 2009, when petrol was at its cheapest at 86p per litre, to a high of £1.42 per litre in April 2012.